The prevailing market lore is that one should sell in May and go away, returning in October. And over the last 65 years, that axiom has on average held true. Unfortunately, we can’t live on averages in the short term, and so we have to decide what to do today. Thus – just like the Fed – we are data-dependent.
This week’s letter is going to be short on words and long on data in the form of graphs and tables, and I will end up telling you what I think the average person should do about his or her equity portfolio.